Another Asian Supervisor Leaves Providence Equity
Another top Asian executive leaves Providence Equity Partners. This is the company's fourth senior departure from 2008. Providence struggles with a limited supply of investment target. The shrinking volume of private equity deals in Asia adds to this struggle.
The restriction of the supply of companies is particularly restricted as it focuses mainly on tech, telecom and media investing.
The senior managing director of Providence's Hong Kong office, Patrick Corso, has left office according to people familiar with the departure told Reuters.
Providence had low profile especially outside of India as compared to its other peers in Asia. The reason behind the company's turnover in the region was left unclear.
The departure of Corso also leaves his duties divided to two other officials in the firm. Tao Sun will oversee Greater China while Biswajit Subramanian will be responsible for the other regions according to sources.
A private equity firm needs to be continuously on top ranks. This will help it win trust and support of possible investors and corporate executives.
Founded in 1989, Providence Equity is based in Rhode Island and headed by Jonathan Nelson who remains in charge up to this date. The firm has a US$12 million global fund investment that is said to be the biggest sector focused fund ever raised.
Corso declined to give his comment while Providence also refused to give statements regarding the report.
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